NEW YORK- The International Federation of Accountants (IFAC) held its board meeting last week in Mexico City. At the meeting IFAC announced new resources to support professional accountants working in small and medium practices (SMPs). It also approved a policy paper outlining its position on professional regulation. IFAC also approved three new associates and a new affiliate and announced the appointment of five new members to its Board.
The new guide for SMPs entitled Guide to Using ISAs in the Audit of Small- and Medium-sized Entities, is in the production stages and will be available in early December. The guide, developed by the Canadian Institute of Chartered Accountants on IFAC’s behalf, is designed to support SMPs and other practitioners in applying International Standards on Auditing (ISAs) to audits of SMEs..
The policy paper IFAC approved formalizes its view that professional accountancy bodies and governments share a common objective of ensuring that professional accountants serve the public interest and meet high standards in the quality of the services they provide and that both professional accountancy organizations and governments need to work together to ensure an effective and efficient regulatory mix. The paper will be posted to the IFAC website in the next few weeks.
To mark the 30th anniversary of IFAC’s founding, a special anniversary seminar was held during the Council meeting on the topic of The Financial Reporting Environment in the 21st Century. Main subjects tackled included business reporting models of the future, the state of public sector financial reporting
IFAC is the worldwide organization for the accountancy profession dedicated to serve the public interest by strengthening the profession and contributing to the development of strong international economies.
For more information please visit the following website: www.ifac.org